U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-07-2008, 08:56 AM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,248 posts, read 20,609,688 times
Reputation: 3587

Advertisements

While watching a TV show last night, they said that both the penny and the nickel are worth more in metal than their value is in money. So I wonder about the economics of melting them and selling them as metals. Of course you would have to factor in the energy cost to melt them into metals but if the economics were right, why not?
Reply With Quote Quick reply to this message

 
Old 07-07-2008, 10:10 AM
 
Location: PA
2,616 posts, read 3,922,860 times
Reputation: 465
It is a fellony to destroy government property. Coins in your posession are still government property. It is probably similar to printing counterfiet bills. They are just ink and paper, but the government does not like you printing your own.
Reply With Quote Quick reply to this message
 
Old 07-07-2008, 10:12 AM
 
11,586 posts, read 17,522,187 times
Reputation: 17271
Is that before or after serving your 5 year in the Atlanta Federal Pen? It's a federal offense to melt coinage or export coins to another country for melting.

But yeah, a nickel is worth about 6 cents, a penny is worty about 1.12 cents. You would need some high tech equipment to melt the metals, then expensive and dangerous chemicals or methods to seperate out the different metals in the coin.

I would say their is no return after factoring in the conversion process and cost to transport tons of coins and metals.
Reply With Quote Quick reply to this message
 
Old 07-07-2008, 10:33 AM
 
Location: Texas
4,921 posts, read 6,583,835 times
Reputation: 5446
so it's perfectly legit for the federal reserve to destroy money, but we the people cannot? There's nothing like waking up to the illusion of freedom but finding yourself living in chains to the federal bureaucracy. Wake up sheeple.
Reply With Quote Quick reply to this message
 
Old 07-07-2008, 10:46 AM
 
11,586 posts, read 17,522,187 times
Reputation: 17271
Quote:
Originally Posted by TexianPatriot View Post
so it's perfectly legit for the federal reserve to destroy money, but we the people cannot? There's nothing like waking up to the illusion of freedom but finding yourself living in chains to the federal bureaucracy. Wake up sheeple.
Geez, time to go decaf. I don't exactly stay up at night worrying about my right to melt a nickel, nor do I worry that I have an FBI file because I put a penny under a train track when I was a kid. Their are more serious issues to worry about.

Hey, the supreme court ruled that those asinine city gun bans are unconsititutional just recently. Celebrate that big win, don't worry about the right to use a tin snip on a penny. I don't think "The Man" really cares, you know?
Reply With Quote Quick reply to this message
 
Old 07-08-2008, 12:40 AM
 
3,460 posts, read 4,795,171 times
Reputation: 6677
Quote:
Originally Posted by Dd714 View Post
nor do I worry that I have an FBI file because I put a penny under a train track when I was a kid.
Now you do....
Reply With Quote Quick reply to this message
 
Old 07-08-2008, 02:21 AM
 
655 posts, read 698,794 times
Reputation: 240
Hmm,

When I was in Hawaii, they had this machine at the Dole Pinapple factory that cost a quarter to use. The machine would smash a penny and flatten it into a pineapple shaped coin. I guess this is a felony too? Destroying currency is a felony, I'm not sure about the penny though.
Reply With Quote Quick reply to this message
 
Old 07-08-2008, 07:48 AM
 
Location: In The Outland
6,023 posts, read 11,509,842 times
Reputation: 3535
It is not against the law to deface coins unless the defacing is done with the intent to commit fraud. It is illegal to write on or deface paper money. I've been "defacing' coins for over 38 years. See pic link below.


Picasa Web Albums - Rick - Cut out coins
Reply With Quote Quick reply to this message
 
Old 07-08-2008, 08:47 AM
 
3,269 posts, read 8,728,632 times
Reputation: 2003
Quote:
Originally Posted by Dd714 View Post
Is that before or after serving your 5 year in the Atlanta Federal Pen? It's a federal offense to melt coinage or export coins to another country for melting.

But yeah, a nickel is worth about 6 cents, a penny is worty about 1.12 cents. You would need some high tech equipment to melt the metals, then expensive and dangerous chemicals or methods to seperate out the different metals in the coin.

I would say their is no return after factoring in the conversion process and cost to transport tons of coins and metals.
Actually a penny (minted before 1982) is worth about 2.5 cents.
Reply With Quote Quick reply to this message
 
Old 07-08-2008, 08:52 AM
 
Location: In The Outland
6,023 posts, read 11,509,842 times
Reputation: 3535
The later issue pennies are actually copper plated zinc coins. And I believe that our nickles are still 75% copper alloyed with nickel (Cupro-nicklel).
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top